fbpx

LAT NEWSLETTER

The official weekly newsletter of LAT Financial Group

Inside
This issue:

income Tax filing

Now that we’ve reached the end of the official tax season, it’s time to ensure that our financial affairs are in order. Income tax filing is a critical aspect of managing personal or business finances, and understanding the process can alleviate stress and ensure compliance.

Income taxes

Tax Return Forms

Tax return forms serve as the cornerstone of the filing process, providing the necessary framework for reporting income and deductions.

Sales taxes

Filing Deadlines

Marking your calendar with the appropriate filing deadlines is crucial to avoid penalties or interest charges.

Property taxes

Tax Return E-Filing

In today’s digital age, e-filing has revolutionized the tax filing process, offering convenience and efficiency.

Tax Return Forms

For employees, forms such as the W-2 and 1099 detail income from employment and other sources. Additionally, independent contractors and self-employed workers may receive a Form 1099-NEC, which reflects income earned from various clients or projects. It is essential to review these forms carefully to ensure accuracy when reporting gross income and withholdings. Remember the importance of reporting your gross income and deductions truthfully and in a timely manner to alleviate future problems with the IRS.

Income taxes
Sales taxes

Submission Deadlines

For most people, the deadline to file federal income tax returns is April 15, unless you choose to file an extension, which allows you another 6 months to file your return. In some years or in certain circumstances (natural disasters, for example), the period may be extended. It is advisable to stay up to date on any changes or extensions announced by the IRS. Procrastination is not your friend when it comes to taxes, so start gathering your documents early to avoid a last-minute rush.

Tax Return Filing

E-filing allows taxpayers to file their returns electronically, eliminating the need for paper forms and mailing. Electronic filing not only reduces the risk of errors, but also speeds up the processing of returns. Additionally, for those anticipating an IRS refund, electronic filing generally results in faster refund disbursement. With just a few clicks, taxpayers can track the status of their refund on the IRS.GOV website, giving them peace of mind during tax season.

Property taxes

For those who prefer personalized assistance or have complex tax situations, enlisting the help of tax professionals is a good choice. Whether it’s a certified public accountant (CPA) or tax preparer near you, these professionals can offer guidance and ensure your tax return is accurate and complies with current regulations.

By staying informed, organized, and utilizing resources like e-filing and tax professionals, you will be able to navigate tax season with confidence and ease.